Rare Book Monthly

Articles - June - 2010 Issue

A Case of Good Taste and Bad Timing

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Frank Benevento


By Bruce McKinney

On May 6th, in London, the map collection of Frank Benevento, of Palm Beach Florida, was sold by Sotheby's. The sale brought British pounds 1.343 million for the 56 items [of 71] that found a buyer. Winning bidders altogether paid about what Frank paid over the past decade. After deducting auction commissions he sustained a loss of 24%. The 15 unsold lots, including several of the best items, amounting to about 15% by value, remain to be dispersed. Of the lots sold, seventy percent changed hands at or below the low estimate. Mr. Benevento's total investment in the auctioned material was BP 1.9 million, in dollars, $2.4 million. Following the sale Mr. Benevento expressed disappointment. In addition to being a map collector he's an investor. As an investment it didn't work out.

Mr. Benevento selected Sotheby's to conduct the sale based on personal impressions and his relationship with Catherine Slowther, a Director of the books and manuscripts department. He signed a contract on September 17th, 2009 for a single owner sale to be conducted in London in the spring of 2010.

This is his story.

Frank Benevento has experienced success throughout his life, and as is the wont of successful men, sought to convert wealth into style and savoir-faire. Money takes you only so far. For some, and Frank is one, the greater goal was the patrician life, the unstated objective to become a renaissance man. Growing up in Chevy Chase, in an upper middle class family, he early on was immersed in history and remembers browsing antique shops in Chevy Chase and Georgetown when others were buying clothes and tennis rackets. His background is Italian with a strong attachment to European culture and history. In time this would become a factor in his collecting.

He graduated from Georgetown summa cum laude in 1970 and University of Virginia Law in 1973. Fresh from school, he was interested enough to buy antiques rather than reproductions. His first job was as a lawyer with Sharon, Pierson, Semmes, Crolius and Finley in Washington. In 1977 he moved to Lehman Brothers in New York as an investment banker working on mergers and energy, later starting a private equity fund in the oil and gas field. In the late 1980's he played a role in the RJR Nabisco takeover that was noted in Barbarians at the Gates. With financial success came the desire for cultural accoutrements. His work regularly brought him to Europe where a chance encounter at the Medici Apartments in Florence ignited his interest in important images, particularly maps and paintings. In the years following he assumed important maps were the exclusive domain of museums. He loved them but they were unobtainable. Ten years ago, quite by chance, he walked into the Arader Gallery on Madison Avenue in New York and found in the early maps of Italy a personal connection. He bought a few, and began to read about and later collect them.

Over the course of the next ten years he traversed the full arc from museum observer to collection owner, in time, spending several million dollars to acquire many of the earliest, rarest, and most expensive maps, often of the world, always the creations of the great European mapmakers. In his headlong pursuit he achieved, for a few years, the dealer sobriquet "whale", the term conferred sotto voce on the biggest buyers.

Rare Book Monthly

  • Old World Auctions (May 4): Lot 18. Blaeu, <i>Nova et Accuratissima Totius Terrarum Orbis Tabula</i>, 1660.<br>Est. $14000-$17000
    Old World Auctions (May 4): Lot 20. Pitt, <i>Nova Totius Terrarum Orbis Geographica ac Hydrographica Tabula</i>, 1680. Est. $9500-$11000
    Old World Auctions (May 4): Lot 65. Ortelius, <i>Americae sive Novi Orbis, Nova Descriptio</i>, 1571. <br>Est. $6000-$7000
    Old World Auctions (May 4): Lot 84. Bailleul, <i>L'Amerique Divisee en Ses Principales Parties</i>, 1752.<br>Est. $19000-$22000
    Old World Auctions (May 4): Lot 99. Sayer & Bennett, <i>The American Military Pocket Atlas</i>, 1776. <br>Est. $10000-$12000
    Old World Auctions (May 4): Lot 269. Reid, <i>Plan of the City of Washington in the Territory of Columbia</i>, 1796. <br>Est. $2750-$3500
    Old World Auctions (May 4): Lot 291. Carleton, <i>Map of Massachusetts Proper</i>, 1801. Est. $12000-$14000
    Old World Auctions (May 4): Lot 378. Keulen, <i>Pas Kaart vande Noord Oost Kust van Cuba en d'Oost Kust van Florida</i>, 1695. Est. $3250-$4000
    Old World Auctions (May 4): Lot 651. Ptolemy/Fries, <i>Tabula Superioris Indiae & Tartariae Maioris</i>, 1541.<br>Est. $3000-$4000
    Old World Auctions (May 4): Lot 688. Wit, <i>Nova Africa Descriptio</i>, 1660.<br>Est. $2750-$3500
    Old World Auctions (May 4): Lot 706. Ortelius, <i>Maris Pacifici</i>, 1589.<br>Est. $8000-$9000
    Old World Auctions (May 4): Lot 727. Audubon, <i>Least Stormy-Petrel</i>, 1836. Est. $1400-$1700
    Old World Auctions (May 4): Lot 741. Bordone, <i>Isolario</i>, 1547.<br>Est. $16000-$19000
    Old World Auctions (May 4): Lot 747. Teesdale, <i>A New General Atlas of the World</i>, 1835. Est. $2000-$2750
    Old World Auctions (May 4): Lot 752. Colton, <i>Colton's Atlas of the World Volume I and II</i>, 1856.<br>Est. $2500-$3250
    Old World Auctions (May 4): Lot 760. Prevost, <i>Histoire Generale des Voyages ... Tome Quatorzieme</i>, 1757. <br>Est. $2400-$3000
  • <b>Swann Auction Galleries May 5: Autographs</b>
    <b>Swann Auction Galleries May 5:</b> Anne & Margot Frank's copy of <i>Grimm's Fairy Tales</i>, in which Anne wrote her own and Margot's name, circa 1940. $20,000 to $30,000.
    <b>Swann Auction Galleries May 5:</b> Albert Einstein, group of 4 letters Signed to Helmut L. Bradt regarding Bradt's emigration to the U.S., one bearing Nazi censor ink stamps, 1939-40. $10,000 to $15,000.
    <b>Swann Auction Galleries May 5:</b> Archive of items from Ludwig Bemelmans to producer Mary K. Frank, concerning <i>The Street <br>Where the Heart Lies</i>, 1959-62. <br>$10,000 to $15,000.
    <b>Swann Auction Galleries May 5: Autographs</b>
    <b>Swann Auction Galleries May 5:</b> Archive of correspondence to<br>Edwin A. Van Valkenburg from President Theodore Roosevelt and members of his family, 1913-21. $6,000 to $9,000.
    <b>Swann Auction Galleries May 5:</b> Oscar Wilde, manuscript notes panning a book on book collecting, circa 1886. $5,000 to $7,500.
    <b>Swann Auction Galleries May 5:</b><br>John Hancock, partly-printed document Signed as Governor of Massachusetts, Boston, 1781.<br>$4,000 to $6,000.
    <b>Swann Auction Galleries May 5: Autographs</b>
    <b>Swann Auction Galleries May 5:</b> Franz Liszt, Autograph Letter<br>Signed to Carl Gille, Rome, 1869. $4,00 to $6,000.
    <b>Swann Auction Galleries May 5:</b> Joseph Conrad, photograph Signed and dated, 1918. $1,000 to $2,000.
    <b>Swann Auction Galleries May 5:</b><br>Two Guns White Calf, photograph postcard Signed with his pictogram, 1929. $800 to $1,200.
  • Bonhams Fine Books and Manuscripts, 8 June 2016, New York
    Bonhams June 8: ARISTOTLE.<br>384-322 B.C.E. De animalibus <br>US$ 300,000-500,000.
  • <b>Dirk Soulis April 30:</b> Lot 131. After Karl Bodmer (1809-1983) Pehriska-Ruhpa Aquatint. $1500-$2500
    <b>Dirk Soulis April 30:</b> Lot 212. Catlin Snow Show Dance Hand Tinted Lithograph No. 14. $1000-$2000.
    <b>Dirk Soulis April 30:</b> Lot 213: Hurlimann After Bodner Saukie Fox Indians Aquatint. $500-$1000.
    <b>Dirk Soulis April 30:</b> Lot 226: After Karl Bodmer. Dance of the Mandan Indians Aquatint. $1000-$1500.
    <b>Dirk Soulis April 30:</b> Lot 281: Karl Bodmer (1809-1983) Massika and Wakusasse Hand. $750-$1500.
    <b>Dirk Soulis April 30:</b> Lot 244: After Catlin Nah-To-Toh Pa Lithograph, Plus Another. $300-$600.
    <b>Dirk Soulis April 30:</b> Lot 305: History...Indian Tribes N. America, McKenney & Hall, 3. $3000-$5000.
    <b>Dirk Soulis April 30:</b> Lot 316: Catlin, George, "North American Indians," 1841, 2 Vols. $500-$1000.
    <b>Dirk Soulis April 30:</b> Lot 284: Catlin, George, "North American Indians," 1926, 2 Vols. $200-$300.
    <b>Dirk Soulis April 30:</b> Lot 285: Coleson, Miss Ann, "Among the<br>Sioux Indians!" 1864. $500-$1000.
    <b>Dirk Soulis April 30:</b> Lot 289: Heard, L.V.D., Sioux War and Massacres, 1865, First. $400-$800.
    <b>Dirk Soulis April 30:</b> Lot 288: Life of Life of Ma-Ka-Tai-Me-She-Kia-Kiak or Black Hawk, 1834. $400-$800.
  • <b>19th Century Shop.</b> LINCOLN, ABRAHAM. <i>A superb collection of manuscripts signed by Lincoln and relics related to Lincoln’s death</i>. Washington, 1864-1865
    <b>19th Century Shop.</b> Rare Relic of the Underground Railroad (1857). <i>$500 Reward Ran away ...</i>
    <b>19th Century Shop.</b> CARTER, SUSANNAH. <i>The Frugal Housewife,</i> (1772) the second American cookbook, plates by Paul Revere.
    <b>19th Century Shop.</b> SCHIRRA, WALTER M.. Icon of the American Space Program. <i>A Complete Set of Schirra’s Flight Log Books (1947-69).</i>
    <b>19th Century Shop.</b> A fine pair of daguerreotypes, one a black nurse holding a white baby, the other the white parents. Maryland, c. 1853.
    <b>19th Century Shop.</b> The Internet. (COMPUTERS.) CERF, VINTON & KAHN, ROBERT. <i>"A Protocol for Packet Network Intercommunication" in IEEE Transactions on Communications.</i>

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